Morgan Stanley remains Equal-weight on BYD (SZ:002594) with a 12-month price target of HK$242.00 on the electric vehicle company after the automaker released its quarterly sales results.
In December, BYD delivered 341,000 units, up 13% from the previous month and 45% from the same time last year. This brought their total yearly sales to 3.02 million units, meeting their target of 3 million units for the year.
International sales continued to shine, surging by 18% MoM, hitting an all-time high of 36,000 units in December. This pushed the total overseas sales for 2023 to 243,000 units, surpassing the 200,000 unit target.
Denza sales reached 11,900 units, marking a modest 1% MoM growth, but still falling short of its peak performance of 13,200 units in September 2023.
Meanwhile, both the FCB Leopard 5 and YangWang U8 models exhibited consistent growth, steadily increasing their production numbers to 5,100 units and 1,600 units, respectively.